Puntland prints fresh 1000 Somali shillings bank notes

Millions of Somali Shillings bank notes allegedly printed by the main bank of Puntland state of Somalia pours to the state’s exchange markets with already 11% of inflation observed.

There is no official count of the printed amount of bank notes but insiders estimate to be billions of shillings.

Puntland finance minister Shire Haji Farah declined to comment when reached; this move of printing this large amount of banknotes comes after Puntland Government faced pressure for being not able to pay the salaries of army, police and civil servants, a tactic used by the previous Puntland leader General Hirsi Ade.

Civil society, religious leaders and elders warned Puntland Government not to introduce printed bank notes to the markets.

Sharp inflation has already been reported as the ‘counterfeit’ bank notes starts to circulate at exchange markets.

Goobjoog News